The Central Bank of Nigeria (CBN) is reportedly preparing to retire approximately 1,000 of its employees by December 31, 2024, in a move that could cost the institution N50 billion.
This development, according to Daily Trust, is part of a strategic realignment of the workforce under the leadership of Governor Olayemi Cardoso.
Over the past 10 months, the CBN has already let go of several staff, including 17 directors who served under former governor Godwin Emefiele. A recent circular issued by the CBN announced the opening of the Early Exit Package (EPP) to all staff, with applications set to close on December 7.
The package, which includes financial incentives, is available to most staff members except for those who have yet to be confirmed or have served less than one year as of the publication date. The effective retirement date for those opting for the package will be December 31, 2024.
While the CBN has not officially commented on the reported retirement plans, the proposed changes are part of the bank’s ongoing efforts to streamline its operations.
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